《大行报告》摩通上调新地(00016.HK)目标价至141.7元 评级「增持」
摩根大通发表研究报告,指出虽然新地(00016.HK)表现强劲,但相信仍有重新估值的空间。虽然其派息政策不太可能带来任何正面惊喜,但其未来十个月的大量项目推出,料会令公司成为住宅市场的焦点。重申其「增持」投资评级。目标价由原来的128.9元上调至141.7元。
该行指,新地在香港有2,230万平方尺的土地储备,当中住宅用地占1,720万平方尺,足够覆盖最少五年的可售资源。正如今年新公布的《财政预算案》中所述,可用於私人住宅的土地数量将会越来越少,预期在土地储备方面的竞争将会继续竞烈。新地将不只受惠於存货土地的价格坚挺,并能在没有利润率压力下,以投机方式购买土地。
另外,公司目前在中国内地拥有1,350万平方尺的投资物业,并将在2024年之前再落成1,150万平方尺的投资物业。管理层预期新增额外总盈利介乎30亿至40亿元人民币,占2021财年预测盈利的12%至15%。而高铁站上盖商业综合体完工後,料收益将超过10亿元。
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